Security First to Offer Ironshore’s Primary Flood for High-Value Properties in Florida

April 9, 2014

Security First Managers, LLC, a Florida-based managing general agent for high value homeowners programs, is expanding the flood coverage it offers utilizing Ironshore insurance capacity. Security First Managers can now offer primary flood insurance of $500,000 to its customers, in addition to excess flood coverage up to $5 million, through Ironshore. The primary flood coverage, which is not available for purchase as a stand-alone product, eliminates the need for these customers to purchase a separate policy from the National Flood Insurance Program (NFIP).

The flood coverage offered through Security First Managers and Ironshore provides customers with protection for up to $500,000 for the home’s structure and $200,000 for its contents. The NFIP caps its policies at $250,000 of coverage for the home’s structure and $100,000 for its contents. In addition to enhanced primary flood coverage, the product offered through Security First Managers and Ironshore provides customers with replacement cost coverage for their contents (instead of depreciated {Actual Cash Value} coverage) and additional living expenses in the event of a loss – coverage that falls outside the scope of the NFIP’s current policy. Additionally, the product streamlines the loss reporting process – customers impacted by a flood and wind event can file a single claim with Security First Managers, instead of also having to file a loss report with the NFIP.

“Florida has more people and property exposed to hurricanes than any other state in the country, so we’re pleased to offer this comprehensive homeowners insurance product to our customers – particularly in light of the current regulatory and pricing environment in the flood insurance marketplace,” said Locke Burt, chairman and president of Security First Managers.

Security First Managers, LLC, a managing general agency, offers specialized insurance in Florida including a high-value homeowners program, with dwelling limits starting at $1 million, a personal liability umbrella with limits up to $10 million, and personal articles coverage for unique or high-value personal items such as art and jewelry.

 

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